It's a pretty old video.
The problem with that is if you use vegetable oil, you need to flush and refill the system every month or so.

Mineral Oil... I think you can get away with fewer refilling.

Also, If I recall correctly, that system doesn't really offer an advantage over air cooling.

It definitely looks cool though.
I can't imagine how much of a pain it would be to haul that to LAN parties.

It does keep it cooler and mineral oil you never have to refill. It's also clear so it looks much better. Also you can buy these tanks on there website...for like 400 or so for one and 600 or so for the bigger one. They keep high end systems below ~60c or so.